2004 Annual Report Executive Summary
FUTURO Empowerment Zone (also a Round II EC)
In 2004, FUTURO increased efforts at building internal expertise in the areas of housing and economic development. Staff members were required to participate in aggressive professional development programs in the areas of economic development finance, housing development finance, and loan fund management. Three major projects are in development as a result of the expanded expertise. The first is the creation of the FUTURO Fund for Economic Development (FFED), a revolving loan fund currently at $600,000 for business expansion and creation in Uvalde County. A second project, a direct result of the certification in economic development finance from the National Development Council, includes the creation of partnerships with thirteen banking institutions through “bankers’ luncheons.” The relationship with the bankers has given credibility to FUTURO and many are comfortable sending their clients to us for technical assistance and gap financing needs. The third project involves the construction of an alternative housing model home, using earthen block construction which is known for its high R-rating factor and efficient use of resources. The method is similar to adobe construction, but instead of the straw method, earthen block involves the compression of soil into building blocks. Combined with assistance from the Texas Department of Housing and Community Affairs and USDA, along with local support for donated appliances, a house will be built for a very-low-income family. Because of the support, the home will only require that approximately 50% of its value be mortgaged thus making it affordable. When completed, the house will be used as a model home to encourage alternative construction by other homebuyers. To provide easy access for current and potential businesses and employers, the FUTURO website (www.futurocommunities.org) has up-to-date local and federal incentives, and current regional profiles containing crucial information about each area in the FUTURO Empowerment Zone.